KR20040023582A - System For Appraising A Financial Product - Google Patents

Abstract

Method and system for evaluating a financial product according to the present invention comprises the steps of receiving a request for the financial product and information about the party requesting the financial product; Preparing a bid request for the financial product based on the request and the information and transmitting the bid request to a plurality of product insurers; The plurality of commodity insurers submit an initial offer for providing the financial instrument; Generating ratings for each of the first proposals; Creating an assessment for the original proposal; And informing the product insurer of the decision.

Description

System For Appraising A Financial Product}

The financial services industry consists of sectors such as insurance and banking. The insurance industry also consists of industry sectors such as life insurance, health insurance and non-life insurance.

The life insurance industry covers product markets such as life insurance, lifetime insurance, variable life insurance, pensions, joint products, via settlements, preneed insurance and long term insurance. Include. Insurers sell life insurance products through a variety of distribution channels, including exclusive agents, independent agents, banks, affinity groups and comprehensive asset managers.

The current life insurance product market for both the policy and the holding policy is inefficient. For insurance products, the problem stems from (1) insufficient information exchange between customers and insurance companies in the sales process, and (2) the absence of a real-time auction market for pricing in life insurance products. The inefficient product market for in-force insurance products is due to the absence of a system to measure the performance of insurance products while the products are valid.

Insufficient exchange of relevant information available between customers and insurance companies during the sales process is a major cause of commodity market inefficiency. In general, customers often do not receive the relevant available information necessary to make informed purchasing decisions. In addition, insurers often do not receive relevant available information about current customers and current market prices, which are essential for meeting customer suggestions for optimal product performance and prices. The inefficient delivery of this information makes the commodity market inefficient. In the insurance industry, such product market inefficiencies adversely affect customers and insurance companies.

Moreover, many life insurance products have complex features that customers do not understand. Lack of customer knowledge of insurance products can mislead sales practices such as twisting, churnig, and vanishing premiums. Product "straights," such as lapse basing, cheat customers' inability to find a way. In recent years, widely published reports of race-based underwriting indicate that business problems may not be detected for years by customers, insurance company managers, and insurance industry coordinators. Insurance industry coordinators have attempted to tighten commercial standards. Insurance companies sought to reduce sales abuse. These efforts did not solve the problem.

Business problems arise regardless of the financial strength of the insurer. Preferred financial valuation is not any index of cooperation of the insurer under the Commercial Standards. Independent rating firms assess the insurer's ability to pay a claim. Evaluation companies do not rate products sold by insurance companies. The life insurance industry does not have any product rating system to evaluate the overall value of the proposed insurance product to the customer.

These and other commercial issues point to the need for a system that assists customers in evaluating the value of proposed insurance products.

The lack of a real-time auction market to set prices in life insurance products is the source of commodity market inefficiency. Currently, whether life insurance products are sold on the Internet or offline, they are sold in the "fixed price" market. In general, during the sales process, customers and insurance companies cannot obtain real-time, market price information for products tailored to individual customer needs. Thus, both the customer and the insurance company lose the opportunity to increase the price before the sale is completed. In conclusion, some insurance products may be priced too high. In other cases, the commodity price may be too low.

Some insurance companies now publish fixed price information for standard products on the Internet, making it easier for customers to compare prices for certain products. The Internet provides customers with more pricing information available than ever before. However, price comparisons allow customers to find the lowest prices for these fixed priced commodities, while these price comparisons do not provide any other information that allows them to evaluate the overall value plan.

Similarly, the current insured does not have any means to evaluate the performance of a holding policy. There is no system for evaluating the continuing value of holding insurance products to customers.

Moreover, price is the only factor in evaluating the total value of an insurance product. No available system provides information other than price to facilitate the purchase decision announced to the customer. The customer needs a system for evaluating the total value of life insurance products. This system leads to stronger commodity market efficiency.

Moreover, the current system is a system that allows customers to shop prices on the Internet based on the insurer's prospects, but such price shopping commoditizes insurance products. Thus, insurance companies cannot compete on price alone and can differentiate products that offer different "non-price" values to their customers. In conclusion, the attractiveness of the industrial structure is diminished, competitors are increased confrontationally, vulnerable product substitutes are rampant, and entry barriers are lower across the commodity market. These structural changes put pressure on deposit deposits and erode broad industry interests.

The present invention relates to an automated system for evaluating the value of a customer's financial product, and more particularly, to a computer based valuation system.

1 is a block diagram illustrating a preferred embodiment of the present invention.

2 is a block diagram illustrating a party involved in a business transaction in accordance with a preferred embodiment of the present invention.

3 is a block diagram illustrating an embodiment of the present invention for evaluating a sustainable value plan for an insured in a holding policy.

4 is a block diagram illustrating an embodiment of the invention in which the insured queries the product value valuation system without the aid of a distribution channel.

5 is a block diagram illustrating an embodiment of the invention for evaluating a value proposition for replacing a holding.

6 is a block diagram illustrating an embodiment of the present invention in which an insured inquires a commodity valuation system for grading a securities.

Accordingly, the present invention relates to an evaluation system for financial service products that substantially eliminates one or more problems due to the limitations and disadvantages of the related art.

An advantage of the present invention is to provide an online, real-time system for evaluating the proposed financial services product.

It is an advantage of the present invention to provide an online, real-time system for evaluating a financial service product held.

An advantage of the present invention is to provide an online, real-time system for evaluating alternative financial services products.

Another advantage of the present invention is to provide a system for creating an efficient commodity market for the life insurance industry and for the benefit of the customer.

Another advantage of the present invention is to provide a system that allows insurers and insurance distribution channels to better serve their customers and improve broad industrial profitability.

Another advantage of the present invention is to provide a system for increasing the price of a product by pricing insurance products in an auction market.

Another advantage of the present invention is to provide a system for evaluating the current performance of a holding insurance product.

Still other advantages and features of the invention will be set forth in the description which follows, and in part will be obvious from the description, or may be learned by practice of the invention. The objects and other advantages of the invention will be realized and attained by the structure particularly pointed out in the written description and claims and the accompanying drawings.

In order to achieve these and other advantages in accordance with the present invention, a method of evaluating a financial instrument as embodied and broadly described includes receiving a request for a financial instrument and information about a party requesting the financial instrument; Preparing a bid request for the financial product based on the request and the information and transmitting the bid request to a plurality of product insurers; At least one of the plurality of product insurers providing a proposal to provide the financial product; Automatically generating a numerical rating according to each proposal and supplying the numerical rating to a corresponding commodity insurer; Causing a plurality of product insurers to revise the offer based on the numerical grading; Providing, by the product insurer, a final offer; And generating an assessment for each final proposal.

It is to be understood that both the foregoing general description and the following detailed description are exemplary and explanatory, and are intended to provide further explanation of the invention as claimed.

The accompanying drawings, which are incorporated in and incorporated into and constitute a part of this specification, to provide a further understanding of the invention, are used to illustrate embodiments of the invention and together with the description serve to explain the principles of the invention.

Preferred embodiments of the present invention are described in detail below, examples of which are illustrated in the accompanying drawings.

The present invention relates to an evaluation system for a financial service product under consideration for purchase, such as an ongoing value of an already owned financial service product or a replacement of the financial service product. In addition, as a separate process or in conjunction with such a process, the product valuation system of the present invention enables on-line, real-time auction processing for pricing financial service products. The present invention provides a system for evaluating the overall value of a life insurance product to a customer. The commodity valuation system preferably operates over the Internet, but can be configured to operate over an offline or closed network or intranet. The system covers all categories of insurance transactions, including business-to-business, business-to-customer, and business-to-employee. It is configured to support. The system evaluates insurance products as well as insurance products that are held and replaced.

As shown in Fig. 1, the product value evaluation system of the present invention simultaneously applies for an insurance policy plan, priced and evaluates a grade. 1 illustrates "inter-enterprise electronic commerce".

The party seeking the financial product, i.e., the insured 104, requests a financial product, such as an insurance product, through a distribution channel 108 that sells the product to the customer, as illustrated by step 1 in FIG. When an interested party seeks insurance, the applicant insured 104 also provides the distribution channel 108 with the necessary information to evaluate the total value for the applicant insured 104. This information includes the risk profile of the applicant insured 104 for the product being evaluated, for example a life insurance policy. Demographic and risk profile data includes, for example, age, gender, smoking habits, basic income and net worth information for the insured person. Information is also sent that is necessary to analyze the applicant's needs and financial suitability.

The distribution channel 108 then includes information provided by the insured 104, including demographic and risk profile information, entered into the product value evaluation system 112, as illustrated in step 2 of FIG. Is transmitted to the commodity valuation system ("PVAS") 112. The type of product under consideration and the financial needs of the end customer or insured to be met will also be transmitted.

The product value valuation system 112 then initiates an auction by sending the proposed open tender or invitation to the participating insurer 116, as indicated by step 3 of FIG. I ask for an offer from an insurer. The open bid provided by the commodity value valuation system 112 may include a minimum commodity rated open price.

After bid initiation or a proposal request, the commodity value evaluation system 112 proceeds with the insurer 116 online, real time, and repetitive processing, as illustrated in step 4 of FIG. The policy proposed by the product valuation system 112 is tailored to the risk profile, individual needs and financial suitability of the insured. Upon receiving a bid or offer from the participating insurer 116, the commodity value valuation system 112 reviews each bid or offer and evaluates the bid or offer and the price of each bid or offer.

Within each product, the insurer will send information about the price and benefits of the product, identifying the information on its own. This data includes data on the proposed benefits and prices of the product for both guaranteed and illustrated principles and information about the insurance company that proposed the product. The commodity data includes the proposed premium paid and the proposed benefit offered and distinguishes both the guaranteed amount and the exemplified amount according to estimates for the future. Insurer information includes data that quantifies the insurer's financial strength. The commodity valuation system 112 takes into account appropriate insurance statistical estimates, such as death information specific to the end-customer's risk profile, and the present value methodology of conventional insurance statistics, in order to obtain numerical grading of the benefits provided in view of the proposed price. value methodology). Numerical grading is also defined for the adequacy and affordability of the proposed product in relation to the product provider's resources and the customer's situation. These three assessments will then be weighted to arrive at an overall customer value proposition assessment.

Accordingly, the commodity valuation system 112 simultaneously requests, rates, and grades an insurance policy from an insurer. Requests, pricing and grading of insurance policies are carried out in an iterative process. This processing is performed in real time and preferably continues until the optimum commodity price and commodity valuation are obtained.

The commodity valuation system 112 continues to provide feedback to the insurer, including the valuation information and whether the insurer's current bids and proposals meet the customer's minimum requirements. The insurer may then offer a new bid or offer in view of the feedback from the product value assessment system 112. If the insurer considers the offer last, for example, if it is no longer able to submit a competitive bid, it provides the final bid or offer to the commodity valuation system 112.

The insurer transmits their final product proposal to the product value evaluation system 112, as illustrated by 5 of FIG. The proposal received from the insurer must initially meet or exceed the minimum product grading set by the product valuation system 112. The rating reflects the total value of the plan of insurance for the insured. The total value plan in a life insurance product takes into account, among other things, the claimant's requirements, financial suitability, payability and risk profile. It also reflects detailed information, such as the insurance product plan, information about the insurer's financial strength and current market prices.

The commodity value valuation system 112 transmits or outputs the commodity graded on the distribution channel, as illustrated in step 6 of FIG. This output includes an assessment of the overall value of the insured applicant. Assessments may take numerical indexes, alphabetical ratings, or explanatory phrases such as "excellent", "above average", "average", "below average" or "unacceptable". These results are delivered to the insured applicant by the distribution channel, as illustrated in step 7 of FIG. Commentary for proper explanation may accompany this information.

The applicant insured then makes a purchasing decision and delivers the decision to the distribution channel, as illustrated in step 8 of FIG. The purchase decision of the insured applicant is communicated back to the insurer and the commodity value evaluation system through the distribution channel, as illustrated in steps 9 and 10 of FIG.

2 illustrates a detailed view of the parties involved in the evaluation system. Insurer 216 (insurers A, B, C, D, E, F, ...) represents a competing insurer who can offer an insurance product to meet customer requirements in accordance with the present invention. A product value valuation system 212 is shown for requesting, pricing and evaluating an insurance product plan in real time and with repeated processing. The commodity valuation system 212 may also grade the performance of the holding insurance policy and measure a value plan that replaces the holding insurance policy. Distribution channel 208 includes, among others, aggregators, banks, non-banking institutions, bank trustees, insurers, brokers, asset managers and financial advisors, funeral directors, workplaces, homogeneous groups and other insurers. .

In addition, another embodiment of the present invention provides a method of evaluating a holding securities and a continuous value proposition for the insured is rated. As shown in FIG. 3, the commodity value valuation system 312 collects and processes available information about the insurer that issued the holding, in order to grade the performance of the insured, the holding and the holding of the insurance. I use it.

In addition, when requested by the insured, the commodity valuation system 312 determines a value plan included in replacing the holding securities. If an appraisal of the substitute securities is requested, the processing proceeds in a manner similar to the processing described with reference to FIG. 1. For example, the commodity valuation system 312 requests, auctions, and grades an alternative insurance policy to compare the value of the replacement policy with the value of the holding policy. Secondly, the commodity valuation system 312 calculates whether it would be advantageous for the insured to replace the holding securities, especially for the current holding securities.

As shown in FIG. 4, it is possible for an entity, including a customer seeking a financial product, for example life insurance, to invoke a commodity valuation system 412 without the aid of a distribution channel. As shown in step 1 of FIG. 4, the party seeking the financial product, that is, the insured person 404, generally connects to the product valuation system 412 via the website Internet. The applicant insured 404 provides the commodity valuation system 412 with the information necessary to evaluate the type of commodity of interest, for example, the total value of the life insurance policy. This information provided by the applicant insured includes demographic information and information to indicate the risk profile of the applicant insured 404 about the product being evaluated. Demographic and risk profile data includes, for example, age, gender, smoking habits, basic income and net asset information of the applicant insured. Information required to analyze the needs and financial suitability of the applicant insured is also transmitted. The type of product under consideration and the financial needs of the end customer or applicant insured to be satisfied will also be transmitted. A good insured can also provide information about the policy found, including the proposed premium paid and the proposed benefit offered. The applicant insured may also include information about the preferred insurer.

The product value valuation system 412 then sends the interest product provider or insurer 416 by sending an invitation for the proposed open bid or proposal to the participating insurer 416, as illustrated in step 2 of FIG. Initiate a bid and / or request proposal. The open bid provided by the commodity valuation system 412 may include the open price with the minimum commodity rating.

After initiating a bid or requesting a proposal, the commodity value valuation system 412 proceeds with the insurer 416 online, real time, and iteratively, as illustrated in step 3 of FIG. 4. The policy proposed by the product valuation system 412 is tailored to the risk profile, individual needs and financial suitability of the applicant insured. Upon receiving a bid or offer from the participating insurer 416, the commodity valuation system 412 reviews each bid or offer and ranks the bid or offer and the price of each bid or offer.

In each product, the insurer 416 will send information about the price and benefits of the product, identifying the information on its own. This data includes data on the proposed profits and prices of the goods for both guaranteed and illustrated criteria and information about the insurance company that proposed the goods. The commodity data includes the proposed premium paid and the proposed benefit offered, distinguishing both the guaranteed and the exemplified amounts according to future estimates. Insurer information includes data that quantifies the insurer's resources. The commodity valuation system 412 uses appropriate insurance statistical estimates, such as death information specific to the end customer's risk profile, and the present value methodology of conventional insurance statistics to obtain numerical grading of the benefits provided in view of the proposed value. Numerical and alphanumeric evaluations will also be made on the suitability of the proposed product and its ability to pay for the product provider's resources and the customer's situation. These three ratings will then be weighted to reach an overall assessment of customer value.

Accordingly, the commodity valuation system 412 simultaneously requests, rates and grades an insurance policy from the insurer 416. Requests, pricing and grading of insurance policies are carried out in an iterative process. This processing is preferably performed in real time and continues until optimal commodity pricing and commodity grading are obtained. While each insurer may make one offer at a time, a number of offers by each insurer may also be made to generate a number of ratings with a number of prices.

The commodity valuation system 412 continues to provide feedback to the insurer 416, including the rating information and whether the insurer's current bids and offers meet the customer's minimum requirements. The insurer then makes a new bid or offer in consideration of the feedback from the product valuation system 412. If the insurer considers the offer last, for example, if it is no longer able to submit a competitive bid, it provides the final bid or offer to the commodity valuation system 412.

The insurer 416 transmits their final product proposal to the product value evaluation system, as illustrated in step 4 of FIG. The proposal received from the insurer 416 must initially meet or exceed the minimum product rating set by the product valuation system 412. The rating reflects the total value of the policy in the insured 404. The gross value plan in the life insurance product takes into account the claimant's requirements, financial suitability, payability and risk profile. It also reflects detailed information on the insurance product plan, information about the insurer's financial strength, and information about current market prices.

The merchandise value evaluation system 412 transmits the graded merchandise to the applicant insured, as illustrated in step 5 of FIG. 4. This output includes an evaluation of the overall value plan for the insured 404 who applied. Assessments may take numerical indexes, alphabetical ratings, or explanatory phrases such as "excellent", "above average", "average", "below average" or "unacceptable". An explanation for proper explanation will accompany this information.

Next, the insured person 404 applied, as illustrated in step 6 of FIG. 4, makes a purchase decision and transmits the decision to the product value evaluation system 112. The purchase decision of the insured person, as illustrated in step 7 of FIG. 4, is passed back to the insurer 416 and the product value evaluation system 412 through the product value evaluation system 412.

5 illustrates an embodiment of the present invention for evaluating a value proposition for replacing a holding securities. As shown in FIG. 5, it is possible for the owner of the current security to evaluate the value of the holding securities and also to evaluate the value proposal for replacing the holding securities in order to query the securities valuation system or the commodity valuation system 512. . As shown in FIG. 5, at step 1, insured 504 connects to distribution channel 508 to assist in obtaining such an assessment. The distribution channel then connects to the commodity value valuation system 512, as shown in step 2. FIG.

The commodity value valuation system 512 then collects, processes and uses the available information about the insurer that issued the holding insurance policy to grade the performance of the insured, holding securities and holding securities of the insurance. The commodity valuation system 512 utilizes the appropriate insurance statistical estimates, such as death information specific to the end customer's risk file, and the current value methodology of conventional insurance statistics to determine the numerical grading of the benefits provided, taking into account prices. Evaluations, including numerical and alphanumeric figures, are made on the product provider's financial strength and the suitability of the product held for the customer's situation and on the ability to pay. These three gradings will then be weighted to achieve overall grading of customer value. Information about the rating and the value proposition is communicated to the insured 504 via the distribution channel 508.

The commodity valuation system 512 performs a similar valuation on the proposed alternative security. When requested by insured 504 or distribution channel 508 through a distribution channel, product value valuation system 512 may request an insurance policy from an insurer in the iterative process described with respect to FIG. 1. Similarly, insured 504 may provide information about the alternative securities under consideration to the commodity valuation system via distribution channel 508, as illustrated in steps 5 and 6.

Although FIG. 5 illustrates an insured invoking a commodity valuation system through a distribution channel, the insured may access the commodity valuation system to directly conduct an analysis of the securities and an valuation of the replacement of the securities.

As shown in Figure 6, the owner of the current security can query the product value evaluation system to evaluate the holding insurance policy without the help of the distribution channel. As shown in FIG. 6, the insured 604 accesses the commodity value evaluation system 612, for example, via a website. The commodity valuation system 612 then collects, processes and uses the available information about the insurer that issued the holding, in order to grade the performance of the insured, the holding and the holding of the insurance.

In addition, when requested by the insured, the commodity valuation system 512 determines a value plan included in replacing the holding securities. When the appraisal of the substitute securities is requested, the process proceeds in a manner similar to the process described with reference to FIG. 4. For example, the valuation system requests, substitutes, and grades an alternative policy to compare the value of the replacement policy with the value of the holding policy. Secondly, the present invention calculates whether replacing the holding securities would be beneficial to the insured, particularly with respect to the current holding securities.

Revenues from the use of the product valuation system shall be output from the subscription fee from the financial services product provider to participate in the auction process, the transaction fee from the product provider to evaluate the customer value of the bidding process and the submitted proposal, and from the evaluation system. It is incurred by the data subscription fee from the commodity provider to access the transaction fee from the distribution channel for receiving and market information data accumulated over time. Moreover, the evaluation system may be provided as a value-added service directly to a customer or to a distribution channel that pays for using the service.

An example of a commodity valuation system of the present invention is provided. John Consumer is reviewing his asset plan with his personal, paid financial advisor. The advisor recommends the purchase of an additional $ 500,000 life insurance to the irrevocable trust to replace assets transferred to the Charitable Remainder Trust. Since you do not know when the consumer will die, the form of life insurance (as opposed to the term) is recommended. After some discussion of the various forms of life insurance coverage, I agree to find the best available universal life to meet my needs.

The financial advisor then goes online to the website, which connects with the product valuation system to seat the financial advisor and uses the valuation system to initiate a search for the best value for the customer. In this example, the distribution channel is a financial advisor. As a distribution channel, the financial advisor, in response to prompts by the website interface, enters the following information that is sent to the product valuation system: (1) among other things, his current age (50), gender ( Male), risk profile data for zone consumers, including smoking habits (non-smokers); (2) the purpose of the proposed insurance (replacement of assets to preserve his assets); (3) basic income ($ 150,000 per year) and net asset information ($ 1,250,000) for consumers; And (4) the type and face amount of the product for which the offer is desired ($ 500,000 lifetime insurance).

The website receives information and invokes a commodity valuation system, which discloses online, real-time proposal request processing to interested insurers. These proposals, among other things, include a securities statement that shows the target premium, guaranteed and exemplified revenues and cash value at a set point in the future, and confirms information about the proposed insurer. The commodity valuation system performs an overall valuation of the proposal received.

Using risk profile data, the appropriate mortality table is selected. Using this mortality table and appropriate cost estimates, the "fair" revenue and cash value are calculated using the Standard Insurance Statistics formula for Consumer. Points are defined as the ratio of “fair” values at each point in time of the proposed guaranteed and illustrated value. The total of the resulting points in time is weighted and summed to reach the overall initial grading. Additional time points may be added or subtracted from this initial grading, for example, based on the insurer's resources and the incidental pattern of proposed value over time. For example, John M. The Bragg Index by John M. Bragg and Associates, Inc., 1995 can be used for this type of analysis.

The product valuation system then determines the point of transfer of the validity of the product to the identified requirements and also the relative payability. In this case, due to the strength of the guarantee considered as part of the processing of item (1), the number of maximum time points is appropriately determined. The target premium of $ 2,000 per year is less than 2% of consumer income, so the maximum number of time points is also payable.

The three resulting assessments are then the appropriate weights assigned to reach the overall rating. Among other things, overall ratings and appropriate descriptions are sent to financial advisors for each proposal, including a description of the validity of the proposal and the pattern of cash value and strength of coverage, from the insurer's financial strength, suitability, and timing of payment. The financial advisor provides this information along with other information deemed appropriate, to the consumer, to make a purchasing decision.

After the purchase decision is made, the information is sent back to the valuation system and the “winning” insurer to become part of the market information database. The valuation system will also be able to send an online application for the selected product to the winning insurer.

Although the present invention has been specifically described for life insurance, other examples of financial products including income compensation insurance, long-term illness insurance, medical cost insurance, health supplement and accident insurance, automobile insurance, home insurance and other forms of liability insurance are seen. It is considered to be invention.

It will be apparent to those skilled in the art that various modifications and variations can be made in the system for evaluating the financial instrument of the present invention without departing from the spirit and scope of the invention. Thus, it is intended that the present invention covers modifications and variations of this invention provided they come within the scope of the following claims and their equivalents.

Claims (55)

Receiving a request for a financial instrument and information about a party requesting the financial instrument; Preparing a bid request for the financial product based on the request and the information and transmitting the bid request to a plurality of product insurers; At least one of the plurality of commodity insurers submits a proposal to provide the financial instrument; And Generating a rating according to the proposal. The method of claim 1, Providing the rating to the at least one commodity insurer; Causing the at least one product insurer to revise the offer based on the rating; And And providing the final offer by the at least one commodity insurer. The method of claim 1, Generating an assessment for the proposal; And And informing a decision based on the valuation of the at least one commodity insurer. The method of claim 1, A method of processing a financial instrument, each of a plurality of product insurers submits a proposal to provide the financial instrument. The method of claim 4, wherein Evaluating according to each proposal from the product insurer; And Selecting one of the commodity insurers based on the valuation. The method of claim 4, wherein Generating a rating according to each offer from the product insurer; Providing each rating to one of the corresponding commodity insurers; Causing each commodity insurer to revise the offer based on the rating; Each product insurer having a choice to maintain the offer or to modify the offer; And Providing a revised rating for each revised proposal. The method of claim 6, Evaluating in response to each rating of the product insurer; And Selecting one of the insurers based on the appraisal. The method of claim 1, The financial product is a method for processing a financial product including insurance policy. The method of claim 8, The insurance policy is a method for processing a financial product including a life insurance policy. The method of claim 6, Wherein said valuation comprises phrase description and final numerical grading for each offer from a product insurer. The method of claim 1, The financial product is a method for processing a financial product including insurance policy. The method of claim 11, The insurance policy is a method for processing a financial product including a life insurance policy. The method of claim 3, wherein The valuation comprises a phrase description of the proposal. The method of claim 3, wherein Wherein said valuation comprises a final numerical grading for each final proposal. A distribution channel that receives a request for a financial product and information about a customer and requests an evaluation of the financial product based on the request and the information; A product value evaluation system for receiving the evaluation request and preparing an application; And A customer comprising at least one of a plurality of product insurers receiving an application and the plurality of product insurers submitting proposals for providing the financial product, wherein the product value valuation system generates a rating according to the proposal System for processing financial instruments for. The method of claim 15, The product valuation system allows at least one product insurer to modify a proposal based on the grading and to process a financial instrument for a customer at least one of the product insurers providing a final offer. The method of claim 15, The distribution channel is a system for processing a financial instrument for a customer that generates an appraisal of a customer's offer. The method of claim 17, The valuation is a system for processing a financial instrument for a customer comprising a phrase description or final numerical grading for each offer from a product insurer. The method of claim 17, A system for processing a financial instrument for a customer wherein the customer makes a decision based on the evaluation and the distribution channel informs the at least one product insurer of the decision. The method of claim 17, A system for processing a financial instrument for a customer, wherein each of a plurality of product insurers submits a proposal to provide the financial instrument. The method of claim 20, A system for processing a financial instrument for a customer wherein the customer makes a decision based on an evaluation of each product insurer and the distribution channel informs the product insurer of the decision. The method of claim 15, The commodity valuation system generates a rating according to each offer from a commodity insurer and provides each rating to one of the corresponding commodity insurers, each commodity insurer revising the offer based on the rating. A system for processing a financial instrument for a customer that has an option to send and send any modified proposals to the product valuation system. The method of claim 22, The distribution channel evaluates each product insurer based on the rating, the customer makes a decision based on the evaluation of each product insurer and the distribution channel informs the product insurer of the decision. Is a system for processing financial instruments for customers. The method of claim 15, The financial product is a system for processing a financial product for a customer including an insurance policy. The method of claim 24, The insurance policy is a system for processing a financial product for a customer including a life insurance policy. Receiving a request for a financial instrument and information about a party requesting the financial instrument; Preparing a bid request for the financial product based on the request and the information and transmitting the bid request to a plurality of product insurers; The plurality of commodity insurers submit an initial offer for providing the financial instrument; And Generating a rating for each of the first proposals. The method of claim 26, Providing each of the ratings to the product insurer; And And causing the commodity insurer to modify the initial offer based on each of the ratings, respectively. The method of claim 26, Generating an assessment for the original proposal; And Selecting one of the commodity insurers based on the valuation. The method of claim 26, The financial product is a method for processing a financial product including insurance policy. The method of claim 26, The insurance policy is a method for processing a financial product including a life insurance policy. The method of claim 26, Wherein said valuation comprises a phrase or numerical grading of the proposal. Receiving a request for a financial instrument and information about a party requesting the financial instrument; Preparing a bid request for the financial product based on the request and the information and transmitting the bid request to a plurality of product insurers; The plurality of commodity insurers submit an initial offer for providing the financial instrument; Generating ratings for each of the first proposals; And Providing each of the ratings to the product insurer; Causing the product insurer to modify the original offer based on the rating respectively; And Modifying the corresponding initial proposal to provide at least one of the commodity insurers with a modified offer. The method of claim 32, Generating an evaluation of the original proposal and the modified proposal; And Selecting one of the insurers based on the valuation. The method of claim 32, The financial product is a method for processing a financial product including insurance policy. The method of claim 32, The insurance policy is a method for processing a financial product including a life insurance policy. The method of claim 32, Wherein said valuation comprises phrase description and numerical grading of the proposal. Receiving information including a request for evaluating a holding policy and holding insurance policy data for the requesting party through an Internet web site; Generating a rating for the holding insurance policy based on the holding insurance data using the Internet web site; And And transmitting the rating to the requesting party via the Internet. The method of claim 37, Determining whether the requestor wishes to consider replacing the holding policy; Preparing a request for a bid for an alternative insurance policy based on the holding policy data to an insurer; And And at least one of the insurers submits a proposal to replace the holding insurance policy. The method of claim 38, A plurality of insurers submit a proposal to replace the holding policy; And Providing a rating for each offer made by the insurer. The method of claim 39, Sending each offer back to one of the insurers corresponding to the rating; Causing the insurer to modify the proposal based on the rating respectively; Each insurer has a choice to revise the offer, and submits a revised proposal; And Generating a modified rating for each revised proposal. The method of claim 40, A method of processing a financial instrument further comprising sending an unmodified rating and a modified rating to the requesting party. 42. The method of claim 41 wherein Generating an assessment based on unmodified grading and modified grading; And Selecting one of the insurers based on the valuation. The method of claim 37, The holding insurance policy is a method of processing a financial product that is a life insurance policy. And a product value evaluation system for receiving a request for evaluating the holding insurance policy and information including the holding insurance policy data from the requesting party through the Internet website, wherein the product value evaluation system uses the Internet website to A system for evaluating a holding insurance policy that generates a rating for the holding insurance policy based on holding insurance policy data and sends the rating to the requesting party via the Internet. The method of claim 44, The commodity valuation system determines whether the requestor wishes to consider replacing the holding insurance policy, prepares an insurer for a bid for a replacement insurance policy based on the holding insurance data, and at least one of the insurers is responsible for the product. A system for evaluating a holding insurance policy that submits a proposal to replace the holding policy with a valuation system. The method of claim 45, A number of insurers submit proposals to the commodity valuation system to replace the holding insurance policy, and the commodity valuation system evaluates the holding insurance policy that provides a rating for each proposal made by the insurer. System for doing so. The method of claim 46, The commodity valuation system sends the rating for each offer back to one of the corresponding insurers and receives, from the insurer, a modified offer as an option, the commodity value valuation system for each revised offer. A system for evaluating a holding policy that generates a modified rating for. The method of claim 47, The merchandise value valuation system is a system for evaluating unmodified grading and holding insurance policies sent to the requesting party. 49. The method of claim 48 wherein Further comprising a distribution channel for generating an unmodified rating and a rating based on the modified rating, receiving a decision from the requesting party based on the rating, wherein the merchandise valuation system sends the decision back to the insurer. System for evaluating holding insurance policies. The method of claim 44, The holding insurance policy is a system for evaluating the holding insurance policy that is a life insurance policy. The method of claim 1, At least one of the plurality of commodity insurers submits a plurality of proposals for providing the financial instrument and a plurality of ratings are generated in accordance with the plurality of proposals. The method of claim 1, Wherein each of the plurality of commodity insurers submits a plurality of proposals for providing the financial instrument and a plurality of ratings are generated according to the plurality of proposals from each of the plurality of commodity insurers. The method of claim 15, At least one of the plurality of commodity insurers submits a plurality of proposals for providing the financial instrument and a plurality of ratings are processed according to the plurality of proposals. The method of claim 15, Wherein each of the plurality of commodity insurers submits a plurality of proposals for providing the financial instrument and a plurality of ratings are generated according to a plurality of proposals from each of the plurality of commodity insurers. The method of claim 26, Wherein each of the plurality of commodity insurers submits a plurality of initial offers for providing the financial instrument and a plurality of ratings are generated according to the plurality of initial offers from each of the plurality of commodity insurers.